American rapper 50 Cent is calling it a day with his current record label company- Interscope Records, and is planning to become an independent artist instead. On Thursday, the 'In da Club' singer announced that he will be parting from Interscope, which is backed by Universal Music Group and Eminem's label- Shady Records.

Reports say that the Grammy winner has, along with his G-Unit Records, penned a distribution deal with Caroline/Capitol Records/ UMG. In a statement, the rapper said, “I have had great success to date with Shady/Aftermath/Interscope and I'd like to thank Eminem and Dr. Dre for giving me an incredible opportunity. I've learned so much from them through the years. I am excited to enter this new era where I can carry out my creative vision."

His longtime mentor- Eminem, in a statement said, “Both myself and Shady Records are grateful to have had the chance to play a part in 50?s career.” The 'Stan' rapper also stated that much of his label's success was due to the 'Disco Inferno'. He added that, regardless of the split the two will remain friends and will continue to support 50 Cent and G-Unit.

50 Cent (real name Curtis Jackson) broke into the music scene in 2003 with his debut album 'Get Rich or Die Tryin', with Eminem as his mentor. The album was extremely successful, as was his follow up album 'The Massacre' (2005). However, his later releases did not do as well, and he has, since then has made his displeasure with the label known.

The move means that the 38 year old rapper will have more creative control over his business and his music. 50 Cent's upcoming album 'Animal Ambition' is set to be released through Caroline Records on 3 June this year.